Useful Information and Dates for Business Owners and Directors
Budget Rates & Allowances
| Budget Briefing – Useful Rates for 2009/2010 | ||
|---|---|---|
| 2009/2010 | 2008/2009 | |
| Income Tax: | ||
| Personal Allowance | £6,475 | £6,035 |
| Personal Allowance 65+ | £9,490 | £9,030 |
| Personal Allowance 75+ | £9,640 | £9,180 |
| Married Couples 75+ | £6,965 | £6,625 |
| 20% Basic Rate | £0-£37,400 | £0-£34,800 |
| 40% Higher Rate | £37,401 | £34,801 |
| National Insurance: | ||
| NI Lower Threshold | £110 per week | £105 per week |
| Employee Contribution | ||
| £105 to £770 per week | 11.00% | |
| £110 to £844 per week | 11.00% | |
| £770 per week + | 1.00% | |
| £844 per week + | 1.00% | |
| Employer Contribution | ||
| £105 per week + | 12.80% | |
| £110 per week + | 12.80% | |
| Capital Gains Tax: | £10,100 | £9,600 |
| Inheritance Tax: | £325,000 | £312,000 |
| Corporation Tax: | ||
| Small Companies Rate | 21.00% | 21.00% |
| Full Rate | 28.00% | 28.00% |
| Capital Allowances: | ||
| Small Companies Annual Investment | ||
| Allowance up to £50,000 | 100.00% | 100.00% |
| Value Added Tax Thresholds: | ||
| Registration | £68,000 | £67,000 |
| Deregistration | £66,000 | £65,000 |
| Approved Mileage Allowance Rates: | ||
| Up to 10,000 Miles (Per Mile) | 40p | 40p |
| Over 10,000 Miles (Per Mile) | 25p | 25p |
- Corporation Tax Small Companies Rate to be Increased to 22% from 1st April 2010.
- Inheritance Tax Threshold to Rise to £350,000 in 2010/11
- Cash ISA Limit £3,600 pa and Stock/Shares ISA Limit £7,200 pa (£10,200 for Over 50’s from 6th October 2009)
- Paper Tax Return Deadline 31st October 2009 and On-Line Tax Return Deadline 31st January 2010 for 2008/2009
- WDA’s on Plant and Machinery to Decrease from 25% to 20% for 2008/09
Useful Dates
As part of our commitment to all business owners and directors, it is important that they are familiar with the following dates. Late submissions for some of the below may incur fines from HMRC.
| 31st March 2010 | - HM Revenue and Customs Financial Year End |
| 5th April 2010 | - HM Revenue and Customs Tax Year End |
| 19th May 2010 | - P35/P14 (Payroll Year End) to be submitted |
| 31st May 2010 | - P60’s to be distributed to employees |
| 6th July 2010 | - Form P11D (Directors & Employees Benefits) to be submitted |
| 19th July 2010 | - Class 1a National Insurance due |
| 31st July 2010 | - 2nd payment due on account for self assessments |
| 31st January 2011 | - Self Assessment Tax Returns to be submitted |
| - 1st payment due on account for self assessments | |
| - Any outstanding balances due on self assessments |
Corporation Tax - Due 9 months following company year end.
Company Accounts - Due to be filed at Companies House within 10 months of company year end, this is due to be reduced to 9 months in 2008.
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